Time Inc. UK. to be sold to Epiris Fund II
Epiris Fund II is to take over ownership of Time Inc. UK from Meredith Corp. Time Inc. UK was formerly owned by Time Inc, and passes to Epiris Fund II after a very short period of ownership by Meredith, who only acquired the group themselves in January 2018.
“This is dramatic news because Time Inc. UK is (still) one of Europe’s leading magazine-media groups. But it is good news because the once mighty company has been relatively unloved and unwanted by its owners for too many years. This …deal just might signal an exciting time of seeking to modernise and maximise the potential of a company which still owns some of the UK’s most famous media brands. It …could be the start of something pretty exciting.” says Media adviser Colin Morrison.
FIPP president and CEO James Hewes said: “The separation of Time Inc. UK from its US parent had been much rumoured, even prior to the recent takeover by Meredith. It’s clearly great news for the UK team… [and] from a portfolio point of view there is much to be positive about and I expect to see a lot more multi-platform activity around their portfolio of special interest brands.”
Time Inc. UK’s portfolio covers a wide range of interest areas and over 50 brands, touching on everything from entertainment and lifestyle to sports and technology. Its many titles are often household names including titles such as Country Life and Ideal Home, Cycling Weekly and Horse and Hound, and between all its publications reaches over 17 million print and 13 million digital subscribers in the UK. It’s weekly publications such as the TV Times sell over a million copies a week.
Marcus Rich, CEO of Time Inc. UK, said: “Time Inc. UK is home to some of the best known brands in the UK and we are delighted to be partnering with Epiris and with Bernard as we continue our transformation journey.”
While the financial details of the acquisition are not being disclosed, the deal is expected to be completed by the end of the first quarter of 2018.
Posted on 26 February 2018 on whatsnewinpublishing.co.uk. Read the full article here